Equity
The plan is seeking a replacement for Allspring Global Investments, which was terminated at the plan’s March 24 retirement commission meeting.
The plan is seeking one or more global equity managers to replace a $174 million investment, which was liquidated at yesterday’s board meeting.
The plan’s global equity manager experienced recent underperformance.
The plan will receive replacement options at its Sept. 7 board meeting.
The plan will add three value managers to its international equity portfolio.
The fund is seeking a firm to provide passive equity exposure for a portfolio with minimal tracking error due to the contract expiration of its current provider.
The plan hired a new global equity manager to handle a $500 million mandate and added 13 other commitments last month.
The proposed fund liquidation would remove the value-tilt within the plan’s global equity portfolio.
The 529 plan added a domestic large-cap growth equity strategy to its watchlist last month because of underperformance compared to its benchmark for the quarter, one-, three- and five-year periods ending March 31.
The board hired a new domestic mid-cap growth equity manager following finalist interviews held last week.